Dogecoin Price Technical Analysis – Target Achieved

Key Highlights

  • Dogecoin price moved lower and traded close to 50.0 Satoshis to fulfil our target of the last week.
  • The price found support around the mentioned area and currently making an attempt to correct higher.
  • 100 hourly simple moving average is still a pivot area for the price, as buyers struggled to break it.

Dogecoin price traded lower and formed a new low below 52.0 Satoshis before starting to recover from losses.

What’s next?

We mentioned in one of the last week’s analyses that there is a chance that the Dogecoin price might trade towards 50.0 Satoshis. It did happen, as the price moved below the last low of 52.6 Satoshis and traded close to 50.0 Satoshis. It has started to recover from losses and currently making an attempt to trade higher. There is a bearish trend line formed on the hourly chart, which is acting as a minor resistance for more gains in the near term.

DogecoinDogecoin30

Moreover, the price is also trading near the 100 hourly simple moving average, and making an attempt to trade above the highlighted bearish trend line. Buyers also facing a hurdle around the 38.2% Fib retracement level of the last drop from 63.0 Satoshis to 51.1 Satoshis. If there is a close above the mentioned Fib level and resistance area, then an upside move towards the 50% Fib level is possible in the short term. Any further gains might be limited, as there is a monster resistance around 57.0 Satoshis.

On the downside, the last low of 51.1 Satoshis is a support area, and we still keep in view a full test of the all-important 50.0 Satoshis.

Intraday Support Level – 51.1 Satoshis

Intraday Resistance Level – 56.0 Satoshis

The hourly RSI is above the 50 level, signaling more upsides in the near term.

 

Charts courtesy of Trading View

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